Fiduciary decisions should be recorded, and certain documents and information must be retained.

Adopting a consistent and repeatable process is the best way to manage risk and save time.

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Fiduciary:

A person to whom property or power is entrusted for the benefit of another.

Who is a fiduciary?

Exercises discretion over the management of the plan or plan assets

Renders investment advice to a plan or plan participant for compensation

Has any discretionary authority in the administration of the plan

A person is NOT a fiduciary with respect to other services provided, which are authorized, even if the person is acting as an ERISA fiduciary with respect to one or more of the above functions.

A Fiduciary’s Responsibility’s Include:

acting solely in the interest of the participants and their beneficiaries;

acting for the exclusive purpose of providing benefits to workers participating in the plan and their beneficiaries, and defraying reasonable expenses of the plan;

carrying out duties with the care, skill, prudence and
diligence of a prudent person familiar with the matters;

following the plan documents; and

diversifying plan investments.

Accredited Investment Fiduciary® (AIF®)

The AIF Designation certifies that the recipient has specialized knowledge of fiduciary standards of care and their application to the investment management process. To receive the AIF Designation, the individual must meet prerequisite criteria based on a combination of education, relevant industry experience, and/or ongoing professional development, complete a training program, successfully pass a comprehensive, closed-book final examination under the supervision of a proctor and agree to abide by the Code of Ethics and Conduct Standards. In order to maintain the AIF Designation, the individual must annually attest to the Code of Ethics and Conduct Standards, and accrue and report a minimum of six hours of continuing education. The Designation is administered by the Center for Fiduciary Studies, the standards-setting body of fi360.